"I believe in Christianity as I believe the sun has risen, not only because I see it, but because by it I see everything else." ~ C. S. Lewis (Yes, even politics)

In loving memory of Mr. Z

Monday, October 25, 2010

Obama's economy......WHO's fault is it??

For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault”, think about this: January 3rd, 2007 was the day the Democrats took over the Senate and the Congress:

At the time:1. The DOW Jones closed at 12,621.772. The GDP for the previous quarter was 3.5%3. The Unemployment rate was 4.6%4. George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!

Remember the day…

1. January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.

2. The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!

3. Thank Congress for taking us from 13,000 DOW, 3.5 GDP and 4.6% Unemployment to this CRISIS by dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac fiasco’s!

(BTW: Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001, because it was financially risky for the U.S. economy, but no one was listening).

And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA.

Z: Now that the facts are out there (You'll never hear those in the mainstream media) let's stop the blaming and let's VOTE RIGHT Nov 2!!geeez

29 comments:

The creation of an unsupportable equity bubble which will take at least a decade to recover from is largely at the feet of Alan Greenspan. Chucklenuts helped out with serious deregulation which help inflate the bubble.

There's a lot of good economic theory about the mischief the robber barons cause when they have a lot of excess cash (you can't really spend it all) and right now we have a bubble in gold which is going to really move if the dollar strengthens. If you see upward movement in the dollar be prepared to get out quickly.

But in a nutshell we have the right being completely incapable of accepting the failure of the movement which started with St. Ronnie Raygun, had the foundation finished by Clinton and the framing done by Chuckles. Obama is doing the interior finishing work and I do mean finish.

Now let's be honest here, z. To tell someone to "stop blaming" when the right has called Obama everything but a child of God and blamed him for everything but the Chilean mine cave in is a bit ingenuous.

The downfall of this economy was started decades ago and frankly I'd like to know exactly what Obama did to generate the mess. He had a few half hearted stimulus efforts but he's been very business friendly and indeed business profits are quite high.

All we hear from the right is a complaint about the deficit but they also want tax cuts. Same old supply side mumbo-jumbo which some hear say will "obviously" correct the problem.

Well, there is nothing much obvious about the situation except that the right doesn't have a sense of history that extends back over even two years.

And you know what's going to happen if the likes of Angle, O'Donnell and the rest are elected. More hearings on his birth certificate, more rumblings that he's a Muslim and anything to draw our attention from the act that the deficit is going to be a bear to reduce. Of course if you look at the composition of Obama's "catfood commission" you know what they're going to recommend. If the right had any sense at all they'd realize how easily he is swayed by opinion and just let him drift more and more right. But no, you want to get the fringe in there and quite probably finally prove that it can' t do anything. The tragedy will be the valuable time wasted.

Ducky: For the second time in history I agree with you on one small part of your larger point: there is a gold bubble and lots of people are going to get hurt if they put all of their investment eggs in the gold basket.

"The downfall of this economy was started decades ago and frankly I'd like to know exactly what Obama did to generate the mess."

He ran for office on the premise that he, being one of the smartest men in history and a Harvard Law School graduate, knew what to do to fix it.

He didn't and he hasn't.

He has infinitely worsened it, and there is no glimmer of light at the end of the proverbial economic tunnel.

Ducky...WE KNOW you think your understanding of the situation is the only understanding...but keep on plugging if it makes you happy.I'll be deleting again if you don't stop the insults.Thanks so much.

If Bush 43 tried all those times and failed to fix Fannie and Freddie, whose fault is it? Before you point to the GOP leadership in the Senate remember they at most had 52 or 53 seats, not nearly enough to break the filibuster and because it was not a budget issue they could not use reconciliation.

Ah, the old "Bush and McCain (don't forget Knuckles) tried to reform Fannie and Freddie" ruse.

I don't know what Fannie and Freddie had to do with the entire U.S. investment banking industry going under but let's play

Bills were introduced in the House and Senate in 2006 (HR1461,S190) to revamp the oversight of Fannie and Freddie. HR1461 was introduced in April 5, 2005, subsequently amended, and passed the House on October 26, 2005 by a 331-90 vote. S190 was introduced in the Senate on Jan 26, 2005, sponsored by Hagel and co-sponsored by Dole and Sununu. McCain was not a co-sponsor. S190 was discussed in the Senate Banking Committee on July 28, 2005 with the result, "Ordered to be reported with an amendment in the nature of a substitute favorably", which I believe is Congress speak for, "we don't like this, please go rewrite it and we may reconsider", i.e., the bill died in a Republican controlled committee and never came to the floor of the Senate or back to the Senate Banking Committee for reconsideration. S190 died in committee.

...On May 23, 2006, Fannie and Freddie's regulator, the Office of Federal Housing Enterprise Oversight, issued the results of their 27 month long investigation of Fannie Mae's shenanigans. The report was widely reported and was scathing in its criticism of Fannie Mae. A NYT article is here: Regulators Denounce Fannie Mae. The actual report is here: OFHEO report. Two days later, in an amazing act of prescience, McCain gets up in the Senate and reveals to the unknowing masses that Fannie Mae has problems by regurgitating some findings of the report and signs on as a co-sponsor of S190. Here is a link to the Senate record: McCain sounds the alarm! That's it. That's what all the fuss is about. Nothing else happened with regard to S190 or HR1461. McCain doesn't say anything else.

And for the icing on the cake, HR1461 and S190 would actually weaken the regulation of Fannie and Freddie. Even the conservative think tank American Enterprise Institute thought these were bad bills. Bush stayed pretty much quiet during the whole thing.

Still doesn't explain how Goldman Sachs managed to leverage bad paper at 60-1 or why Ayn Rand's cabana boy himself, Alan Greenspan states that he was wrong and markets are not self correcting.

Federal regulators said yesterday that financial results at Fannie Mae, the nation's largest buyer of mortgages, were "illusions deliberately and systematically" created by its top executives in an $11 billion accounting scandal.

The finding was in a blistering report by the Office of Federal Housing Enterprise Oversight, or Ofheo, after a 27-month investigation into Fannie Mae's corporate culture and accounting practices.

The company also agreed yesterday to pay $400 million to settle with Ofheo and the Securities and Exchange Commission...

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Note that this had ABSOLUTELY NOTHING to do with writing bad paper but was about Franklin Raines cooking the books to inflate the stock price and pad his bonus. For your next trick you'll explain why Fannie was privatized and subject to these "free market" (LMAO) shenanigans when it was functioning perfectly well prior as a government agency.

You still miss the point. Every time the GOP tried to rein in both 'companies' the democrats blocked them. Since they held more than 50% of the sub-prime loans that the Clinton administration allowed and Bush 43 was unable to stop. The recession that was coming became much worse when all that bad paper came due. Had they been actual true private companies and not government companies things might have turned out differently.

Of course this was done at the direction of the Clinton administration, it's worth repeating since he's not exactly part of the GOP.

Now I really need to get back to grading. I'm sure Beamish will fill in any holes...

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remember

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President Obama has done such a horrible job with the economy and foreign policy that now Kenyans are accusing him of being born in the United States :-)

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